Scott Bessent Tells Kristen Welker When Americans Should See Lower Prices

Treasury Secretary Scott Bessent told “Meet the Press” host Kristen Welker on Sunday that Americans should start seeing lower prices on some products within a few weeks.

President Donald Trump announced on November 14 that tariffs on certain imported food products would be suspended, citing progress in trade negotiations. Bessent told Welker that the Trump administration is making progress in reducing prices by tackling illegal immigration and also trying to lower interest rates while reducing inflation. (RELATED: Democratic Rep. Lets Slip He’s ‘All for You Paying Higher Taxes Everywhere in the Country’)

“In March 2024, I wrote an article in which I talked about the three I’s that were killing Americans: immigration, interest rates, and inflation. The president closed the border and mass immigration disappeared, which put much of the upward pressure on housing and downward pressure on wages.”

“Interest rates are coming down and now we’re starting to see affordability. Prices are improving. We had a really big October for home sales,” Bessent continued. “Energy and gas prices are going down, we’ve seen it – we think health care is going to go down. We’ll see an announcement next week on that and so overall prices are starting to come down. We’re celebrating Thanksgiving. This will be the lowest cost for a Thanksgiving dinner in four years. Turkey prices are down 16%.”

WATCH:

Welker questioned whether tariffs imposed by Trump to spur trade negotiations had led to higher prices.

“Inflation has not increased and the one thing we’re not going to do is do what the Biden administration did and tell the American people they don’t know how they feel,” Bessent responded. “They are traumatized…because of Biden inflation, we have slowed inflation and we are working very hard to bring it down. »

Welker then pressed Bessent on the inflation figures.

“Let me ask you about pricing. There has been an announcement about pricing since you were last in the program,” Welker said. “The administration said it is reducing tariffs on more than 200 food products. You said you think tariffs help consumers. If tariffs help consumers, why is the administration rolling them back?”

“First of all, Kristen, if you listen to the data – imported goods – inflation has actually remained stable. Inflation is up because of the gig and service economy, so it has nothing to do with tariffs and many food items where inflation is down,” Bessent responded. “THE [U.S. Trade Representative] is working very hard on trade agreements and the trade agreements that have been going on for the last six or eight months coincide with many of the countries in Latin and Central America where the food products that you just mentioned come from.

Bessent previously clashed with Welker during an October 2025 appearance on “Meet the Press,” accusing the NBC host of trying to “cherry-pick” the data.

“Banana prices have increased by almost 7% and coffee prices by 19%. Does the fact that you are reducing tariffs mean that they are ultimately driving up prices for consumers?” » asked Welker. Bessent replied, “Kristen, how much does your arm weigh?” (RELATED: Scott Jennings lashes out at Democratic strategist who claimed Trump ‘sucks’ for GOP)

“That, I don’t know,” Welker replied with a laugh, before Bessent said, “Exactly, you know how much you weigh and you step on the scale every morning. And inflation is a composite number and we look at everything and we bring down the things that we can control, and, like I said, we’re working on lowering energy prices and everything comes from that, and I think we’re going to see those other prices come down.”

Welker then asked how soon prices would come down.

“Some will go down in a few weeks, some in a few months,” Bessent said.

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